Building a Better Future: Thailand’s Investment Plan for 2023-2027

Thailand is stepping up its efforts to reestablish its competitiveness in the rapidly evolving global landscape, especially in the aftermath of the COVID-19 pandemic. With the goal of achieving inclusive and sustainable growth, the country is seeking to capitalize on its past successes and scale up future opportunities through its new Five-Year Investment Promotion Strategy (2023-2027).

The strategy, outlined in the latest Thailand Investment Review (TIR) under the title “Thailand’s Road to a Stronger Tomorrow: Building New Opportunities for the New Economy,” will pave the way for a new economy that blends the strengths of existing and emerging industries. Thailand is aiming to advance its industrial transition and stay ahead of the curve in an unpredictable world.

A key aspect of the new strategy is Thailand’s investment direction under three concepts: innovation, technology, and creativity. These will be the driving forces behind the Kingdom’s efforts to create a new, resilient economy. For example, the government is investing in the development of smart cities, artificial intelligence and data technologies.

The Board of Investment (BOI) will also play a crucial role in promoting and facilitating investment in Thailand under the new strategy. For example, the BOI has set out seven pillars including “encouraging Thailand to become an international business hub and a regional trade” and “industrial restructuring and supply chain strengthening”. The BOI will fulfill these through tools such as the Whole Package plan, ecosystem development, and tax incentives.

These initiatives will not only improve the quality of life for citizens but also attract foreign investment from businesses and entrepreneurs looking to be at the forefront of technological advancement. Promoting innovation will help to create new jobs, drive economic growth, and create better living standards for Thai people. This will ultimately accelerate Thailand’s shift into a new economic era.

Overall, Thailand’s new five-year investment promotion strategy is a comprehensive plan that positions the country for success in the years to come. It capitalizes on its unique strengths, such as its prime geostrategic location and well-equipped physical and digital infrastructure. With a focus on innovation, technology, and creativity, Thailand is poised to build a new economy that is more competitive, sustainable, and inclusive. For all local business owners, foreign investors, and general members of the public, this new strategy promises to create new opportunities for growth and prosperity. The country’s leaders have shown a commitment to adapting to the changing global landscape and ensuring that Thailand remains at the forefront of economic development in the region.

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